For the quarter, the maker of power amplifier chips and other part used in mobile devices and other electronics products, posted revenue of $216.7 million, with non-GAAP profits of 2 cents a share, about in line with the Street at $214.7 million and two cents.

The issue is the Q2 guidance.

For the quarter, the company is projecting revenue of $170 million to $185 million, with a loss of 10-15 cents a share; consensus has been for $223 million and a profit of five cents a share.

"Our revenue was better than normal seasonality in the first quarter and we saw signs of improvement in some of our infrastructure markets,"" CEO Ralph Quinsey said in a statement, "While we anticipate a challenging second quarter in the mobile devices market, specifically with our largest customer, I believe this dip will be temporary and remain confident about our long term position. We have achieved design win success with our new products and I believe we will return to normal revenue levels and growth in the second half of 2012."

So, I would note here that by far the company's largest customer is Foxconn, which accounted for 35% of revenue in 2011. Foxconn is a key manufacturer for Apple. Ergo, the company would appear to be blaming this on something that involves Apple. Did they lose a slot in the iPhone 5, say? Not entirely clear.